When you have a business idea, you think of executing it. Here, only thinking does not give you your end product. The most important trait of an entrepreneur is his ability to take calculated risks. A Startup Company is the start of an entrepreneur’s journey.
A start-up is a business model where budding entrepreneurs aim to find a marketplace for their innovative product. People should not get into the startup genre just because it is in vogue but because they have a driving force of reaching out to the public with their product.
The following are the concrete raw materials one should have to build a Startup Company:
IDEA :
The most important criteria for a company to be known as a startup company is the presence of an innovative idea. The foundation of the business is determined by how impactful the idea is. It should have the capacity to stand grounds in the marketplace making its space among all the other floating ideas. Also, the idea should move you. Unless you believe in your idea and have the passion for taking it forward, it will be difficult for you to convince others.
INTROSPECTION :
It takes a lot more to be an entrepreneur than it seems it does. Some characteristic personality traits belong to an entrepreneur. One needs to ask oneself if he has in him to launch his company if he is motivated enough to remain unperturbed in high tides as well as low ones if he is confident sufficiently to carry the company on his shoulders and if he is resilient enough to sail through a rough patch. If he does not possess them, it does not imply that the idea is any less brilliant but the entrepreneur in you is still not there.
RESEARCH :
Once the seed of an idea has been sewn, it is necessary to make the idea grow by looking at every aspect of the idea. Every detail of the idea must be studied so that no loophole is left unattended. The entrepreneur must be on his guards vis-a-vis the pros and cons of his product or service.
PLAUSIBILITY :
After the research has been done, the product or service that will meet the customers must be reasonable. The entrepreneur must see that his product is what the consumers want.
Once you have full faith in your idea and have shared it with some reputed people in your life to get their consent, you must move forward to execute the idea in full swing. After the business model is laid out and the idea is ready to be pitched in front of the investors to get funded.
A start-up is a business model where budding entrepreneurs aim to find a marketplace for their innovative product. People should not get into the startup genre just because it is in vogue but because they have a driving force of reaching out to the public with their product.
The following are the concrete raw materials one should have to build a Startup Company:
IDEA :
The most important criteria for a company to be known as a startup company is the presence of an innovative idea. The foundation of the business is determined by how impactful the idea is. It should have the capacity to stand grounds in the marketplace making its space among all the other floating ideas. Also, the idea should move you. Unless you believe in your idea and have the passion for taking it forward, it will be difficult for you to convince others.
INTROSPECTION :
It takes a lot more to be an entrepreneur than it seems it does. Some characteristic personality traits belong to an entrepreneur. One needs to ask oneself if he has in him to launch his company if he is motivated enough to remain unperturbed in high tides as well as low ones if he is confident sufficiently to carry the company on his shoulders and if he is resilient enough to sail through a rough patch. If he does not possess them, it does not imply that the idea is any less brilliant but the entrepreneur in you is still not there.
RESEARCH :
Once the seed of an idea has been sewn, it is necessary to make the idea grow by looking at every aspect of the idea. Every detail of the idea must be studied so that no loophole is left unattended. The entrepreneur must be on his guards vis-a-vis the pros and cons of his product or service.
PLAUSIBILITY :
After the research has been done, the product or service that will meet the customers must be reasonable. The entrepreneur must see that his product is what the consumers want.
Once you have full faith in your idea and have shared it with some reputed people in your life to get their consent, you must move forward to execute the idea in full swing. After the business model is laid out and the idea is ready to be pitched in front of the investors to get funded.
This article has been contributed by Himanshu Jain, CEO, LegalRaasta, an online portal for GST Software , GST Return Filing , GST Registration , Section 8 Company Registration , Nidhi Company Registration , IEC Registration , FSSAI License, Income Tax Return Filing.
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